The news follows reports of appointments, investments and amendments to their lending proposition.
Late last year, the lender announced that it had received £10m worth of investment from government-backed British Business Bank and had launched its Innovative Finance Isa. The lender has bolstered its team with the recent appointment of Cyrille Sallé de Chou as Chief Risk Officer, and the hiring of two ex-HSBC heads to its board.
RateSetter has also built a UK-wide team of regional relationship managers specifically for SMEs and their advisers.
In early 2016, RateSetter appointed Paul Marston as Head of Commercial Finance Divisions and Brian Cartwright as Head of Business Finance in order to expand its SME lending capabilities.
With the milestone, Paul promised that there’s more to come from the lender.
“Commercial lending is one of the fastest-growing areas of our business, and that’s because there’s a genuine need: the market for SME finance is not fit for purpose and businesses are still being let down by the banks. The faster the SME receives their loan, the faster it can be put to good use.
“With great tech and great people, we’re building up a first-class business lending team with experienced senior hires, putting ourselves in an excellent position to take our business lending to another level.”
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